The Hidden Costs of Homeownership? Not So Hidden!

The Hidden Costs of Homeownership?
Not so Hidden - Do Not Fall For The GASLIGHTING!

"Hidden" costs of homeownership, and it's time to expose the reality. These expenses aren't hidden—they're regular, expected costs that come with owning a home. Let's dive into the details and uncover the gaslighting happening in the discussion around homeownership costs.

Annual Costs Breakdown

A study by Bankrate claims that the average annual cost of homeownership in the U.S. is around $18,000. This includes:

- Property Taxes: Annual payments based on your property's assessed value. - Homeowners Insurance: Coverage necessary to protect your home from various risks.

- Maintenance and Repairs: Regular upkeep and unexpected fixes.

- Utilities: Bills for energy, water, internet, and cable.

Gaslighting in Homeownership Costs

Gaslighting is a form of psychological manipulation where a person or group makes someone question their reality, memory, or perceptions. The goal is to make the victim doubt their own sanity or perception of events, often to gain power or control over them. When it comes to homeownership costs, labeling these regular expenses as "hidden" is a form of gaslighting. These costs are not hidden at all; they are standard and expected parts of owning a home.

Geographic Variations in Costs

Homeownership costs can vary widely depending on where you live:

- Most Expensive States: Hawaii tops the list with an annual cost of $29,000, followed by California, Massachusetts, and New Jersey.

- Least Expensive States: Kentucky is the most affordable at $11,500 per year, with Arkansas, Mississippi, and Alabama not far behind

Specifics for Georgia

In Georgia, the average annual cost is pegged at $16,000. However, this average skews high due to the higher costs in Atlanta. In contrast, smaller towns like Savannah, where the cost of living is 20-25% lower, have an annual cost of homeownership closer to $12,000.

Labeling the standard costs of homeownership as "hidden" is misleading and a form of gaslighting. These are regular expenses that every homeowner should anticipate and budget for. Understanding these costs upfront can help homeowners manage their finances more effectively and avoid unpleasant surprises. For more detailed insights and tips on managing these costs, visit my blog.